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Politics : Formerly About Advanced Micro Devices

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To: TGPTNDR who wrote (95220)	2/26/2000 12:25:00 AM
From: Charles R	Read Replies (3) of 1575120

<Another possibility, Robertson Stephens (Niles, Daniel T. 415-693-3241) To summarize -- Units and Revenues Better Than Expected for Q1; However Consensus Expectations for Q2 May Be Too High Given Seasonality And Product Transition Issues; Raising EPS but Recommend Realistic Expectation -- ...** We are raising our EPS from $1.65 to $1.95 for FY00 and from $2.00 to $2.50 for 2001.... ...Consensus EPS for Q2 is currently $0.49 and our belief is that about $0.35 to $0.40 is the more correct range....> This is one of the strangest reports I have seen coming from Niles. EPS has gone up by $0.30 for 2000 and $0.50 for 2001 but neither the rating nor the target price have gone up. Also, there is no way the earnings in Q1 are going to be $0.02 lower than Q4 if the "Units and Revenues Better Than Expected for Q1". Costs will be lower this quarter (0.18 migrations), ASPs will be better (better mix of Athlons) and Flash margins will go up. This is sub-par for Niles. I am surprised he has comeup with such weak analysis. Niles is slacking off.

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